SHFE aluminium closed at RMB 24,230 per tonne, edging up 0.02 per cent. The price was capped by MA5 (24,259) but remained above MA10 (24,207) and MA30 (24,088), with the mid-term bullish structure intact. On the MACD indicator, DIF stood at 92.18 and DEA at 118.60, forming a death cross above the zero axis, with the green bars expanding to -52.85, indicating strengthening bearish momentum. Trading volume expanded to 76,000 lots, reflecting widening bull-bear divergence. The core trading range for SHFE aluminium is suggested at 24,000-24,600. LME aluminium closed at USD 3,248.5 per tonne, edging down 0.05 per cent. The price broke below MA5 (3,264.1), MA10 (3,261.37), and MA30 (3,262.88), with short-term moving averages exerting pressure, though MA60 (3,227) still provided support. On the...
LME aluminium prices softened across key contracts on September 23 compared with the previous session, while opening stocks remained broadly stable. The sharpest movement was recorded in cancelled warrants, which declined by more than 20 per cent. The LME aluminium cash bid price stood at USD 3,239.5 per tonne on September 23, down from USD 3,240 per tonne on September 22, a decline of 0.02 per cent. The cash offer price fell to USD 3,240 per tonne from USD 3,242 per tonne, down 0.06 per cent. For the three-month contract, the bid price declined to USD 3,258 per tonne from USD 3,263.5 per tonne, marking a 0.17 per cent decrease. The offer price fell to USD 3,260 per tonne from USD 3,264 per tonne, down 0.12 per cent. The December 2027 aluminium bid price stood at USD 3,180 per tonne,...
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According to a recent report from Reuters, aluminium stocks held at three major Japanese ports at the end of November were up by 0.9 per cent from 318,200 tonnes in October to 321,000 tonnes. In October, the stocks had fallen by 2.6 per cent from 326,473 tonnes in September, which was flat in comparison with 326,100 tonnes in August. Marubeni Corporation data showed the aluminium stocks at three major ports at Yokohama, Nagoya, and Osaka in November stood at 155,000 tonnes, 151,200 tonnes, and 15,000 tonnes respectively. This represents a month-on-month drop of 4 per cent in the stocks at Yokohama in November compared with 161,000 tonnes of stocks in October. At Nagoya, the stocks recorded a month-on-month rise of 7 per cent in November from 141,700 tonnes of stocks in October. At Osaka,...
The US dollar, which measures the greenback against a basket its rivals, rose on Friday, LME base metals traded mixed on Friday. LME aluminium rose 1%. Three-month LME aluminium hit an intraday high of US$1,829.5 per tonne on Friday. It ended the trading day 1.03% higher at US$1,819 per tonne. LME aluminium is likely to trade at US$1,800-1,830 per tonne. As on January 3, Friday, LME aluminium cash (bid) price stood at US$ 1757 per tonne, LME official settlement price stands at US$ 1758 per tonne; 3-months bid price stands at US$ 1792 per tonne, 3-months offer price is US$ 1794 per tonne; Dec 20 bid price stands at US$ 1925 per tonne, and Dec 20 offer price stands at US$ 1930 per tonne. The LME aluminium opening stock stood at 1470925 tonnes. Live Warrants totalled at 909300 tonnes, and...
Shanghai Metals Market showed social inventories of primary aluminium today, on January 6, barely changed over the weekend in China, continuing to remain at 610,000 tonnes. Last Thursday, January 2, the inventories increased to 610,000 tonnes after rising by 18,000 tonnes week-on-week, which indicate the facts that the inventories are likely to reverse the months-long decline to trend higher. In some cities of China, the inventories rose today, while in some decreased. For instance, in Wuxi, Nanhai, and Chongqing, the inventories inched up by 6,000 tonnes, 3,000 tonnes, and 1,000 tonnes respectively to stand at 190,000 tonnes, 131,000 tonnes, and 14,000 tonnes. In Shanghai, Gongyi, Hangzhou, and Tianjin, the inventories dropped by 5,000 tonnes, 2,000 tonnes, and 1,000 tonnes to come in at...
After the downtrend since March 2019, the primary aluminium inventories recorded two consecutive rises this week, found Shanghai Metals Market. On Monday, December 30, the inventories grew by 2,000 tonnes over the weakened to stand at 594,000 tonnes, while on Thursday, January 2, it increased further by 18,000 tonnes over the entire week to come in at 610,000 tonnes. So, compared with Monday, the inventories witnessed a growth of 16,000 tonnes. But despite the rise in inventories, the A00 aluminium ingot price did not shy away from recording a growth in the beginning of the week. On Monday, December 30, the price of A00 aluminium ingot climbed up by RMB 80 per tonne to RMB 14,510 per tonne, which again succeeded by further growth of RMB 30 per tonne and RMB 40 per tonne to stand at RMB...
Only days after the management at Aluminij Mostar, Bosnia, resigned, the plant reportedly handed over layoffs to 362 workers, that is, to the remaining workforce of the bankrupt giant. According to the report, dismissals were handed over to the workers with varied notice periods, so that the plant could be able to finish the backlog before closing down. Aluminij deliberately chose to conclude the layoff action at the end of the year to ensure that all those losing their jobs receive severance pay. Also, many of those laid off this week would be engaged in high-voltage and high-voltage maintenance field on new contracts after January 31. However, despite the layoffs, the management is continuing to negotiate with Israeli conglomerate and Chinese investors consisting of China Machinery...
The US dollar recovered from a six-month low on Thursday, the year’s first trading day, as demand for the safe-haven dollar picked up after bleak data out of Germany and the UK weighed on the euro and pound. The dollar index, which tracks the greenback against a basket of other currencies, finished up 0.3% at 96.82. Three-month LME aluminium fell to a two-week low of $1,786 per tonne before it trimmed some losses and finished at $1,800.5 per tonne, as investors covered their bullish position. Trading range is seen between US$1,790-1,820 per tonne. As on January 2, Thursday, LME aluminium cash (bid) price stood at US$ 1771 per tonne, while LME official settlement price at US$ 1772 per tonne; 3-months bid price came in at US$ 1803 per tonne, 3-months offer price at US$ 1830.5 per tonne; Dec...
After a continuous rise for the past three days in a row, A00 aluminium ingot price declined by RMB 20 per tonne from its earlier price to RMB14580 per tonne on Friday, 03 January 2020. The price stood at RMB 14560 per tonne and expected to move within a range of RMB 14540-14580 per tonne. Spot aluminium price is likely to be traded at a premium of RMB 140-180 per tonne. Source: Shanghai Metals Market Aluminium prices in Foshan, Wuxi and Hangzhou dropped by RMB 10 per tonne, RMB 20 per tonne and RMB 25 per tonne to RMB 14750 per tonne, RMB 14540 per tonne and RMB 14535 per tonne. Their average price is expected to range at RMB 14730-14770 per tonne, RMB 14530-14550 per tonne and RMB 14530-14540 per tonne. In Chongqing and Shenyang, aluminium ingot price stood at RMB 14560 per tonne and...
Ghana Grid Company Limited (GRIDCo) has reinstated the power to the Volta Aluminium Company Limited (VALCO) after suspending electricity supply to the Tema based aluminium smelting plant on 30 th December’19, in regards to $30 million debt. The Head of Communications and Public Affairs, Energy Ministry, Ghana, Nana Oppong Damoah has confirmed the news of power restoration at VALCO on 31 st December’19. He also communicated that the Ministry was working hard to settle the stalemate situation. Nana Damoah added to his voice that the power was restored to VALCO, just a few hours after GRIDCo announced of the disconnection, whereas negotiations are still ongoing with VALCO to settle their arrears. “The Ministry is mediating to ensure that we come to a common ground point. Power has been...
The social inventories of primary aluminium in China usher the year 2020 with a growth of 18,000 tonnes over the week, indicating a potential end to the continued inventory downtrend since March 2019. Thus, the stocks across eight major consumption areas, including SHFE warrants, as of today, January 2, have come in at 610,000 tonnes, in compare to 592,000 tonnes on last Thursday, December 26, after declining by 12,000 tonnes week-on-week. As can be seen in the above chart that except in the two major cities, the inventories have increased in the rest of the cities, such as Shanghai, Nanhai, Gongyi, Hangzhou, and Linyi, where the inventories have climbed up by 2,000 tonnes, 19,000 tonnes, and 1,000 tonnes, respectively, to stand at 114,000 tonnes, 128,000 tonnes, 55,000 tonnes, 53,000...
The US dollar dipped to a near three-week low against the yen in thin year-end trades on Tuesday. The dollar index, which tracks the greenback against a basket of other currencies, finished slightly up at 96.51. LME base metals mostly fell while the SHFE complex traded on a mixed note on Tuesday. LME aluminium fell more than 1% and SHFE aluminium gained 0.1%. LME aluminium closed Tuesday’s trading at US$ 1800 per tonne, further up from Monday, December 30. The exchange was closed on January 1 for New Year’s Day holiday. Three-month LME aluminium hovered in a tight band around US$1,820 per tonne, with a high of US$1,830 per tonne, before it pared some gains to hit nearly a week-low and closed at US$1,803 per tonne. LME aluminium is likely to hover at US$1,800-1,840 per tonne today. SHFE...
The government’s manifesto to waive a clean energy cess levied on coal is anticipated to bring down production costs for aluminium and steel producers who use it as a fuel mix. The proposal, which focuses to enhance the financial health of power utilities and distribution companies, was put ahead by the Prime Minister Narendra Modi’s office. Presently, a cess of INR 400 per tonne is levied on imports and production of coal. This progress will comfort the aluminium and steel industry as it would bring down the production cost of aluminium and steel by INR 4,000-5,000 and INR 400-500 per tonne, respectively. Coal is used by captive power plants in the smelting process for producing aluminium. National Aluminium Co. Ltd., Hindalco Industries Ltd. and Vedanta Ltd. are probably to benefit from...
Benchmark aluminium price on London Metal Exchange increased 0.5 per cent to US$ 1800 per tonne on Tuesday, December 31, from US$ 1791 per tonne on Monday. As on December 31, Tuesday, LME aluminium cash (bid) price stood at US$ 1799.50 per tonne, LME official settlement price stands at US$ 1800 per tonne; 3-months bid price stands at US$ 1829 per tonne, 3-months offer price is US$ 1830 per tonne; Dec 20 bid price stands at US$ 1885 per tonne, and Dec 20 offer price stands at US$ 1890 per tonne. LME aluminium 3-months Asian Reference Price is hovering at US$ 1822.50 per tonne. SHFE Aluminium Price Trend The most traded SHFE 2002 contract closed higher at RMB14,110 per tonne. Investors added short positions on the 2003, 2004 and 2005 contracts, leading to a backwardation structure on SHFE...
Vedanta Resources Ltd published their interim results FY 2020. There is a 5% decrease in revenue which accounted to $ 6.1 billion (H1 FY2019: $ 6.5 billion), mainly operated by lower commodity prices, partially offset by auxiliary volumes from the onset of Gamsberg operations and higher sales at Iron Ore Karnataka & Electrosteel. EBITDA at US$ 1.4 billion, down 19% YoY (H1 FY2019: US$ 1.7 billion) Operating profit before special items at US$ 0.7 billion, down 35% YoY (H1 FY2019: US$ 1.1 billion) mainly driven by lower commodity price environment and higher depreciation charge partially offset by higher volumes, softening of input commodity prices and favourable currency movement. The adjusted EBITDA margin of 26% (H1 FY2019: 30%) ROCE at 9.4% in H1 FY2020 (H1 FY2019: 13.8%) Impairment of...
The US dollar extended its weakness and fell for the third straight session on Monday as investors favoured riskier assets. The dollar index, which tracks the greenback against a basket of other currencies, lost 0.24 per cent. LME base metals mostly fell while the SHFE complex closed mixed overnight. LME aluminium remained flat, while SHFE aluminium grew marginally by 0.07 per cent. Three-month LME aluminium traded range bound above the five-day moving average, ending at $1,823.5 per tonne. LME aluminium is likely to be traded at $1,810 per tonne to $1,830 per tonne. As on December 30, Monday, LME aluminium cash (bid) price stood at US$ 1790 per tonne, LME official settlement price stands at US$ 1791 per tonne; 3-months bid price stands at US$ 1821 per tonne, 3-months offer price is US$...
That time of the year is here when you have to bid farewell to one year and welcome another. So, to make this moment memorable, AlCircle presents a ‘Special Year-End Combo’ offer consisting of its 6 most popular reports that will take you down to the market trend in the past and give a brief outlook to the future analysis. The reports included in the offer are as follows: Aluminium Foil and its End uses: Current Trends and Forecast Red Mud (Bauxite Residue) Management: Storage & Valorisation A Worldwide Market Analysis of Aluminium Wire rod, Cables & Conductors - Industry forecasts to 2025 The World of Aluminium Extrusions - an industry analysis with forecasts to 2025 World Recycled Aluminium Market Analysis - Industry Forecast to 2022 Aluminium Dross Processing: A Global Review At the...
Irishman Phil Hogan, European Union’s new trade commissioner, was quoted on 30 th December’19 as saying he would dig for reinstating of EU/US trade relations on multiple numbers of disputable issues, out of which steel and aluminium tariffs are the vital subjects when he meets his U.S. counterpart for the first time in January 2020. In mid-2018 the Trump administration obtruded tariffs on European steel and aluminium. It has done the same to $ 7.5 billion worth EU products over a dispute about subsidies for European planemaker Airbus AIR.PA, and is forbidding action against France over a digital service tax. Phil Hogan was promoted from the role of EU farm chief in December’19 only, articulated to U.S. representative Robert Lighthizer just before Christmas. "We agreed to meet in...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, increased over the weekend stood at 594,000 tonnes as of Monday December 30. Stocks were up by 2,000 tonnes from last Thursday December 26. The chart below shows the current status of the primary aluminium inventories across China in more details: Primary aluminium stocks in Nanhai and Gongyi stood at 127,000 tonnes and 40,000 tonnes on Monday, up 1,000 tonnes and 4,000 tonnes from December 26. Hangzhou, Zhejiang inventories remained the same at 52,000 tonnes. But the stocks in Wuxi and Shanghai dropped by 4,000 tonnes and 2,000 tonnes to 187,000 tonnes and 110,000 tonnes. Inventories of primary aluminium in Tianjin, Linyi and Chongqing came in at...
Emirates Global Aluminium, which is the largest industrial company in the United Arab Emirates outside oil and gas, on 29 th December’19, announced the accomplishment of its historic project to export the UAE developed industrial technology, with the statement of performance guarantee tests at Aluminium Bahrain B.S.C. (Alba). In the year 2016 in a competitive international tender, EGA won to deliver its aluminium smelting technology to Aluminium Bahrain B.S.C. (Alba) for a vital expansion project (Line 6 Expansion Project), which is a remarkable breakthrough for the development of a knowledge-based economy in the UAE. Alba selected EGA’s DX+ Ultra technology for its Potline 6 project. DX+ Ultra which is the 10 th generation EGA technology, and is aligned as the most efficient in the...
